The advent of online trading has resulted in major changes in the financial sector. The best forex platform offers innovative tools that help in faster and efficient management of the trading activities. Some of the advantages include,
• The brokers no longer go to the ‘pit’ in the trading ring
• They now key-in orders/quotes on the Trader Workstations (TWSs) from their offices
• The system provides a combination of order and quote-driven system
• The priority is given to the quote-driven system
• The order book functions as an ‘auxiliary jobber’
Actually the modern system serves two purposes:
• It allows retention and matching of orders against one another when no quotes exist in the system for a particular scrip
• It improves the price competitive character of the market, in case the investors are willing to deal at prices better than the current best quote
The nationwide expansion of the BSE Online Trading (BOLT) has led to a major revolution. In the initial stages, BOLT was available to the brokers of the stock exchanges based in Mumbai. The expansion of ‘BOLT’ nationwide required
• Permission from the Securities and Exchange Board of India (SEBI)
• A nationwide network that is highly secured and operational at all times
After the major developments in the online stock trading platforms, the currency trade also has overtaken the online stock trading platforms by storm within a short span of time. In all forex trade platforms, the main prerequisite is that a trader must have a bank account and also significant financial reserves under his control. Since the currency market is prone to wild fluctuations, he should not be out of the business due to a minor loss.